Development

Buying a house in Charlotte is getting more expensive

A home in south Charlotte for sale, photographed on Wednesday, August 3, 2016.
A home in south Charlotte for sale, photographed on Wednesday, August 3, 2016. dtfoster@charlotteobserver.com

Home prices in the Charlotte market jumped again in July, as tight supply and steady demand continued feeding a strong seller’s market.

The Charlotte Regional Realtor Association said Thursday that the median sale price increased nearly 10 percent from July 2016, hitting $236,000. The number of houses on the market fell almost 20 percent from July 2016. That means there were 2.6 months of supply on the market, well below the four to six months of supply that’s generally considered a balanced market.

In July 2016, a year ago, there were 3.5 months worth of supply on the market. But the president of the CRRA said buyer demand remains strong, with 4,246 sales in July, up just over 3 percent from last year.

“Sales are steady and pending contracts continue to be strong across the region, which is a good indicator of future sales and that buyers, who continue to face headwinds of inventory shortages and price increases, are still in the market to buy homes,” said Roger Parham.

Here are some of the key numbers for the Charlotte housing market:

$236,000Median sales price, July 2017, up 9.8 percent from last year.

2.6 monthsAmount of inventory on the market across the Charlotte region, down from 3.5 months last year.

1.7 monthsAmount of inventory in the city of Charlotte, down from 2.4 months last year.

90 daysAverage time from listing until close, down from 101 days in July 2016.

10,174Number of houses for sale across Charlotte region, down almost 20 percent from last year.

97.3 percentAverage amount of the original list price sellers are getting, up from 96.7 percent last year.

Ely Portillo: 704-358-5041, @ESPortillo

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